USDCAD Will Go Down From Resistance! Short!

Here is our detailed technical review for USDCAD.

Time Frame: 8h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The price is testing a key resistance 1.316.

Taking into consideration the current market trend & overbought RSI, chances will be high to see a bearish movement to the downside at least to 1.306 level.

P.S
Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all.

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